Continual Improvement
In the West, we see periodic clamouring that Google or Facebook or Amazon has too much data, and that they be split up e.g. Google into search, YouTube, Gmail and Android each as a separate company. Or Facebook into, er, Facebook, Instagram and WhatsApp as separate companies. While India sees the problem, the DEPA framework acknowledges some of the benefits of one company having a lot of data. A massive Amazon or Flipkart that delivers all over the country can bring down costs for consumers, something not possible if every company in that sector was small. What then would be a good balance? Rahul Matthan asks us to consider a bank in in The Third Way . As the entity with all the personal financial data, it has an outsized advantage. No new entity with a new idea in the lending space can ever hope to compete against a bank with so much information. DEPA’s architecture has a way, at least in theory. The data the banks holds is actually the account owner’s data. There...